Murdoch gets his Journal!

So, finally the deed is done! After weeks and weeks of negotiating and renegotiating, media tycoon Rupert Murdoch has finally bought over Dow Jones and its flagship The Wall Street Journal. The world’s best-known – and most respected – financial daily now has a new owner. Of course, all this came for a price – and a whopping one at that: $5 billion, which is estimated to be 65% more than what the current market price of Dow Jones is! With this, the owner of News Corp. (Murdoch, who else?!) now has controlling rights of one more media company – the others being Fox Network, Sky Broadcasting and the Times of London. Earlier, the Bancroft family, (owners of the largest block of shares in Dow Jones & Co, and therefore had controlling rights over the company), had been apprehensive that the buy-out would lead to a compromise in the Journal’s renowned editorial independence. Two things happened after that. Murdoch promised that he is going to set up an independent editorial board that will oversee the content of the paper (so that it is not guided by any kind of vested interest). And, of course, the Bancrofts could not find a better offer – as good as what News Corp. was offering that is. Way to go Mr. Murdoch!

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

Capital issues..

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Wake up call for Delhi administration
The Delhi Human Development Report 2006 published by United Nations Development Program in collaboration with the Delhi Government puts up some startling facts. The state having a per capita income that is around 2.5 times the national average is also the state which has a housing shortage of 300,000 units. Around 38% of these households (barring the slums) consist of single room units! The report states that about 100,000 people are homeless in the city and the visible cornucopias of Delhi are only hiding the true picture.

The other disquieting trend that the report reveals is that Delhi contributes 24.4% of all crimes, 24.4% of rapes and 17.6% of dowry deaths in the country. According to the Public Perception Survey 2005, only 19% of the residents feel safe in the state and 90% feel public transport isn’t safe for women. That’s surprising for a state which gloats over a 55,000 strong police force. The report states that discrimination against women is rampant and Delhi with a sex ratio of 821 is lowest in the ranks. Furthermore, it reveals that inspite of having one of the best hospital networks in India (646 hospitals, 993 dispensaries, & 250 maternity homes), ‘health for all’ remains a distant dream. As the capital, Delhi significantly represents everything that’s wrong with India. One can only wish the authorities would wake up and take action.

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Source : IIPM Editorial, 2006, Arindam Chaudhuri's Initiative

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Work and life: A Hobson’s choice?

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In fact, we would even vote to retire the term “work-life balance” and replace it with “worklife choices.” The problem is that “work-life balance” suggests there is one right ratio for how much time you spend working and not working, and with that we disagree. Sure, there’s a lot of politically correct advocacy for a kind of perfect equilibrium and it may very well be that many people wanting a 50:50 split between work and life. But some people love work so much and find it so gratifying that they want to live a different equation, say, something like 70:30.

Still others want to work just enough to support a life of avocation. For instance, we have a friend who writes and consults about two months a year to pay for travel the other 10. He thinks his life is perfectly balanced. Balance, we’re saying, is a personal choice based on what feels right to you, given what you want from life, both personally and professionally. With that choice, comes consequences.

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Source : IIPM Editorial, 2006, Arindam Chaudhuri's Initiative

QUALITY DOES NOT MATTER...

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In September 2006, the global rating agency Fitch gave a red-alert to the Indian banking sector concerning the escalations in the total loans being extended. This warning was a general fall-out of the huge rise in retail lending. Looking at the wonderful opportunities in this particular sector and considering it to be the sunrise sector for the economy, one could perhaps dismiss this particular report as a false prophecy. But then that’s not the end of the story.

On October 22, 2006, domestic rating firm CRISIL published its report on the credit ratings of various sectors in the Indian economy, which asserted that pressure on credit quality (a measure of creditworthiness denoting a bond issuer’s capacity to pay back the amount) is only on the rise and may deteriorate in the coming 18 months. G. V. Mani, Director, Rating Criteria & Product Development, CRISIL endorses, “Going forward, increased input prices, high capital expenditure and higher interest rates, are likely to accentuate the credit quality pressures on this sector.” Also, the rising interest rates have minimal chances of easing out in the near term. While on one hand, the Indian economists are going gaga over the developments in the manufacturing sector, it is this sector that carries the lowest credit rating, representing the greatest danger. According to this report, the Modified Credit Ratio (MCR which numerically represents credit rating) has dropped to 1.0 during April-September 2006 as compared to 1.05 during the corresponding period of the previous year. Traditionally, it was the farm sector that was on the top of the defaulters list of Indian banks (much of which can be attributed to priority lending to the farm sector) and did the early damage in late 1990s, when Non-Performing Assets (NPAs) of Indian banks were 15.7% of loans. But the CRISIL rating is related directly to quality depreciation in corporate lending, which should necessarily serve as a wake-up call for the Indian banking sector.

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Source : IIPM Editorial, 2006, Arindam Chaudhuri's Initiative

Future doomed

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Faulty irrigation to blame
Though India has walked out from the humiliating PL-480 food credits of the 1950s, the food security of the country stands to be severely jeopardised if the elements of environment sustainability are not immediately incorporated into our agricultural practices. Faulty agricultural practices led by large scale canal irrigation is ruining the future of the country.

Large dams and canals were considered to be instrumental in bringing the Green revolution in the country. But Bhakhra Dam contributes only 12% and 15% of Punjab & Haryana’s agricultural productivity. Even that would have been satisfying but for the existence of about 449,000 hectares of waterlogged land and 687,000 hectares of salt-affected area in Punjab alone. If that was not enough, the unsustainable ground water mining has brought nearly the whole of Punjab under the danger zone. Researchers have argued that around 43-46 % of the total agricultural production for Punjab and 35% for Haryana, is based on unsustainably mined groundwater.

It is high time we realise that these socalled success stories have been sitting on brink of disaster. The sooner they switch to environmentally sustainable models, the better it would be.

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Source : IIPM Editorial, 2006, Arindam Chaudhuri's Initiative

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...the truth is out (of) there…

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False history gets made all day, any day; the truth of the new is never on the news, or so remarked Adrienne Rich, acclaimed American writer. And with the legendary John Le Carré’s latest offering, The Mission Song, come to light once again the unsightly elements of greed, power and conspiratorial voracity that have perennially characterised the countenance of international political climate.

The backdrop this time is the troubled lands of Africa, and Le Carré’s narrative has as its protagonist Bruno ‘Salvo’ Salvador, described by those around as, “the natural son of a bog Irish Roman Catholic missionary and a Congolese village woman whose name had vanished for ever in the ravages of war and time,” who finds himself endowed with a penchant for languages as a child in Congo.

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Source : IIPM Editorial, 2006, Arindam Chaudhuri's Initiative

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B&E this fortnight

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World’s largest hyper market chain Wal-Mart has come up with a business strategy that has shook the American generic drug market. The company has announced that it will offer over 300 most frequently used generic drugs at an unbelievable $4 (almost a fourth of previous market prices). Under the new pricing strategy various generic drugs which were oft en out of the purchasing purlieu of many Americans, will be amazingly within reach. Drugs that are a part of the new plan include cholesterol, blood pressure, vitamins and diabetes drugs among others. According to Wal-Mart these prices will benefit pensioners and senior citizens the most, as their total cost allocation for prescription drugs will subsequently come down. Wal-Mart benefits from economies of scale because of its large scale operations and its bulk purchases, which substantially reduces cost, ultimately benefiting the end consumer. The scheme is currently for the Florida State, but if successful, the company plans to extend it to other states as well by 2007.

Wall’ing high costs
In another instance of consumer welfare, Wal-Mart is also experimenting with eco-friendly packaging and had last year partnered with Nature-Works for corn-based plastic packaging techniques instead of petroleum-based, for perishable food items like fruits and sprouts. This year the retailer wants to make its stores 25% more energy efficient and reduce solid wastes by 25% as well. In this regard the company has initiated 13 value networks with one of them solely focusing on packaging parameters. Looks like business is no longer driven by profits, capitalist societies expect something in return of consumerism from large corporations working amidst them.

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Source : IIPM Editorial, 2006, Arindam Chaudhuri's Initiative

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Yes it does, for Indian agriculture sector has proved the old saying...

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Since independence, Indian fertilizer industry has grown manifold – much of the credit for which goes to initiatives like Green Revolution and Operation Flood. Not only have the imports of fertilizers witnessed a decline with India moving towards achieving self-sufficiency, but the manufacturers also have succeeded in making available quality fertilizers and other chemicals to farmers at competitive prices.

India has emerged as a major global player in this sector, helping the country earn the much important foreign exchange. As per FICCI figures, the volume of the Indian market in the chemical sector is approximately $30 billion. No doubt that most of the top companies in the agriculture sector in B&E Power 100 are the ones, which are into the business of manufacturing and marketing fertilizers, namely Rashtriya Chemical & Fertilizer Ltd, Chambal Fertilizers & Chemicals Ltd, etc. The other companies that have made it to the list include Monsanto India and Syngenta – leading bio-tech solution providers in the area of seeds. However, India still lags behind in food processing, one of the key global sectors.

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Source : IIPM Editorial, 2006, Arindam Chaudhuri's Initiative

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